On Monday, shares in French bank Societe Generale (OTC:SCGLY) plunged over 10% following the unveiling of a new strategy by the bank’s CEO, Slawomir Krupa. The strategic plan, which Krupa described as a “realistic” roadmap for the bank’s future, led to a significant drop in the company’s stock value, marking its biggest daily drop since a U.S. lender’s collapse earlier this year triggered a selloff of bank stocks.

Krupa presented the new strategy to investors, analysts, and journalists, outlining a modest revenue increase target of between zero and two percent on average from 2022 to 2026. This marks a slowdown compared to the bank’s previous target of at least 3% annual revenue growth for the 2021-2025 period.

The bank also revised its profit distribution plans, indicating it would distribute between 40% and 50% of earnings to investors, down from 90% last year. In terms of profitability, Societe Generale now aims for a return on tangible equity (ROTE) of between nine and 10 percent through 2026. This measure of profitability has fluctuated in recent years, falling from 11.7% in 2021 to 2.9% last year before rebounding to 5.6% in the first half of this year.

As part of its new strategy, Societe Generale also intends to retain more capital ready to absorb potential losses. The bank plans to streamline its portfolio and reduce oil-and-gas exposure, focusing on its core franchises moving forward.

However, analysts reacted negatively to the update. Analysts at Jeffries investment bank criticized the lack of revenue growth, increased capital target, payout and ROTE cut, and the lack of details in the new strategy.